Understanding the Latest Changes to HDFC Bank and IDFC FIRST Bank Credit Cards
If you are a credit card holder with HDFC Bank or IDFC FIRST Bank, you should be aware of the recent updates to their credit card terms and conditions. Both banks have made significant changes that will come into effect this year, impacting how you manage your credit card payments and rewards. Below is a breakdown of the modifications made by each bank:
IDFC FIRST Bank Credit Card Changes 🔄
– IDFC FIRST Bank has announced substantial changes to its credit card payment terms, including the minimum amount due (MAD) and payment due date.
– These changes will be implemented from September 2024.
Revised Minimum Amount Due (MAD) Payment
– The percentage of the principal balance outstanding included in the MAD calculation will decrease from 5% to 2% starting from the September 2024 statement.
– This adjustment provides you with more financial flexibility during months with unexpected or higher expenses.
– The MAD calculation method remains unchanged.
Payment Due Date
– The payment due date for IDFC First Bank credit cards will now be 15 days from the statement generation date, as opposed to the previous 18 days.
– According to the bank’s website, this modification will apply to all subsequent statements from September 2024 onwards.
HDFC Bank Credit Card Loyalty Program Updates 🔄
– HDFC Bank has revised its credit card loyalty program for specific cards, effective from September 1, 2024.
– Customers were notified via email about these changes.
– Here are the key revisions to the HDFC Bank Credit Card loyalty program starting this year:
– Reward Points for Utility transactions capped at 2000 Reward Points per month.
– Reward Points for Telecom & Cable transactions capped at 2000 Reward Points per month.
– Education payments through select third-party apps will not earn Reward Points.
– Wallet loading and Easy EMI transactions will no longer earn Reward Points.
– Note: Merchant Category Codes (MCC) are determined by the card network, not HDFC Bank.
Hot Take 🔥
Stay informed about the latest modifications to credit card terms and conditions from HDFC Bank and IDFC FIRST Bank. By understanding these changes, you can effectively manage your credit card payments and maximize your rewards. Keep track of the deadlines and updates to ensure smooth and efficient usage of your credit cards.
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